The volatility curse and financial development: revisiting the paradox of plenty
The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of spe...
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| Médium: | Working paper |
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University of Oxford
2009
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